So, Bitcoin is referred to as a new kind of digital currency whose value is determined by how much people are willing to exchange it for. It is nothing like online wallets like Paypal to Western Union, Bitcoin is currency. To process them, a procedure called ‘mining’ takes place which involves a PC solving a hard math problem with a 64 digit solution. For each problem solved correctly, one block of bitcoins is processed and the ‘miner’ is rewared. So essentially it’s an incentive for people to provide PC processing power to solve the problems. With over 10 million bitcoins in existence, the process gets quite technical, with Bitcoin wallets, private data bank accounts, it’s a whole other world out there it seems.
Now a company announced early in January, that they’d come up with Coinye West bitcoins which they termed ‘cryptocurrency for the masses’. The creators who remain anonymous told music website Noisey: “I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets, and other ideas I can’t give away just yet.” With plans to launch the currency on 11 January, the company was warned about using this virtual currency without testing it first. Virtual currencies have also been linked to the purchase of illegal items as well because the transactions were hard to trace.
Kanye west was not involved in this initiative at all – and you know Kanye go H.A.M when his person is violated in any way. Having now taken the matter to court to stop the virtual coins and seek unspecified damages, a NY judge said that West’s lawyers can do the research necessary to learn the identities of the creators of digital currency. The judge said there’s a likelihood West would succeed with his claims.